The 4 Top Estate Planning Myths and Misconceptions
Have you fallen for the following estate planning myths and misconceptions? Do you think you are too young?Do you think you don't need an attorney for probate? How about, do you think you aren't wealthy enough? Or do you think the court can correct a bias Will? Let me shed light on these myths.
“I’m Too Young for Estate Planning”Someone as young as 20 years can have a will. Therefore, starting your estate planning while you’re still young and keeping it updated regularly will keep your assets free from legal complications in the event of incapacity or death.
“I Don’t Need an Attorney to do Probate”Actually, you do, because the procedural requirements for probates are complex and handing the task of preparing a detailed estate plan to a professional representative will alleviate an enormous burden on you. Besides, your estate planning documents can be rendered invalid due to errors when you do it yourself.
“I’m not Wealthy”All adults who have children or own any property or assets should plan for incapacity and death regardless of the value of their estate.
“The Court Can Correct a Bias Will”Even if a will benefits one person or sibling more than the other, the court is not authorized to revise a will, provided he or she executed a valid will in the first place. You may also have a durable trust, however, making a will is the best way to transfer guardianship of minors.